ADVERTISEMENT
  • Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Friday, September 19, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Report Banks, ATMs Without Cash From Dec 1 – CBN

by Bukola Idowu
10 months ago
in Business
Share on WhatsAppShare on FacebookShare on XTelegram

As the end of year festivities commence in full, the Central Bank of Nigeria (CBN) has charged bank customers to report difficulty in getting cash at banks or Automated Teller Machines (ATMs) effective Sunday December 1, 2024.

Advertisement

The apex bank said it would as part of its Payment System 2025 goals, be reviving the eNaira to foster cross border payments.

CBN Governor, Olayemi Cardoso speaking at the 2024 Bankers Dinner said banks face stringent penalties if they fail to make cash available to customers in the banking halls as well as in their ATMs.

Reading the riot act to banks in the country, Cardoso said the apex bank is also concerned about delays in settlement of transactions in the financial system. It stated that there will be strict penalties for banks who fail to comply with cash availability and prompt settlement of transactions.

He raised concerns “over recent delays in some payment gateways in settling financial transactions. Trust is fundamental to fostering digital transactions, and we must take every necessary step to preserve that trust in our payment systems. These delays often disproportionately affect vulnerable segments of our population. To address this, we will impose strict penalties on non-compliant institutions to safeguard consumer trust and ensure swift redress mechanisms are in place.

Related News

JUST-IN: Dangote Refinery Halts Product Sales To Unregistered Marketers

5 hours ago

Akwa Ibom Looks Beyond Oil, Targets Agric Products For Export

7 hours ago

“We also recognize the ongoing challenges with cash availability at ATMs, which disproportionately affect ordinary Nigerians. To address this, we are conducting spot checks across Deposit Money Banks (DMBs) and will impose penalties on underperforming institutions.

“Effective December 1, 2024, customers are encouraged to report any difficulties withdrawing cash from bank branches or ATMs directly to the CBN through designated phone numbers and email addresses for their respective states. Guidelines will be distributed widely to raise public awareness. We also urge full regulatory compliance by all stakeholders, including Mobile Money Operators and PoS Agents, to promote digital transaction channels and improve service delivery. I repeat, financial institutions found engaging in malpractices or deliberate sabotage will face stringent penalties.

On foreign exchange, he said The previous harsh Forex policies had stifled the much needed foreign investment, and “led to the depletion of our external reserves which fell to $33.22 billion in December 2023.  It must also be understood that the cost of the forex subsidy regime is estimated to far exceed that of fuel subsidies.

“In 2022 alone, the potential revenue lost due to a less flexible forex regime was approximately N6.2 trillion, compared to N4.5 trillion from fuel subsidies. These funds could have significantly contributed to critical investments in education, healthcare, and infrastructure development.

“In the past year, we have undertaken critical reforms to unify Nigeria’s exchange rate, eliminating distortions and restoring transparency. This unification has enabled us to clear the outstanding foreign exchange obligations, giving businesses—ranging from manufacturers to airlines—the confidence to plan and invest in the future.”

He stated that the improved functioning of our forex market are having the desired impact. Average daily turnover in the Nigerian Autonomous Foreign Exchange Market increased by 226 percent in the 1st half of the year when compared to the same period in 2023. Foreign portfolio inflows have increased by over 72 per cent during this period, while foreign exchange reserves have risen from $32 billion in May 2023 to over $40 billion today. This represents the equivalent of eight months’ import cover and marks the highest reserve level in nearly three years.

The market has also supported over $9 billion in capital outflows over the past year as investors were able to freely repatriate capital and dividends without the need to wait for several months as experienced in the past. These results reflect improved confidence in the reforms we have embarked on. In addition, we witnessed a $6 billion current account surplus in the first half of 2024 as a result of the impact of these reforms. Reduction in petroleum product imports supported by improved domestic refining capacity, a growing focus on non-oil exports and higher remittance inflows helped to support the positive current account balance.

 

Join Our WhatsApp Channel

Tags: ATM Transactions
SendShare10180Tweet6363Share

Other News Updates

Business

JUST-IN: Dangote Refinery Halts Product Sales To Unregistered Marketers

2025/09/19
Business

Akwa Ibom Looks Beyond Oil, Targets Agric Products For Export

2025/09/19
Business

Equities Extend Gains, Up By N144bn

2025/09/19
Business

Global Aircraft Manufacturer Bombardier Endorses Dangote Refinery

2025/09/19
Business

Nigerian Aviation Regulator Fines Kenya Airways For Consumer Rights Violation

2025/09/19
Business

28m Housing Deficit: Operator Advocates Building 700,000 Homes Annually

2025/09/19
Leadership Conference advertisement

LATEST

Fayose Meets Aregbesola After Quitting PDP, Eyes ADC Move

Reserved Seats Bill Pursuit For Inclusive Governance, Not Tokenism — Kalu

Tinubu Arrives Kaduna For Ex-Governor Yari Son’s Wedding

Abuja Waste Contractors Threaten Strike Over 9 Months Unpaid Wages

Fubara May Address Rivers People Friday

2025 WAC: Nathaniel Sets New Nigerian Record At Tokyo

Edo Demolishes 4 Houses Linked To Suspected Cultists

NDLEA Loses Cross River Commander 1 Month After Deployment

Cattle Markets Shut In 7 Kwara LGAs

Sokoto Suspends 6 Principals Over Insubordination, Illegal Fees

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.